Options traders love this under-the-radar AI play

Traders work at the New York Stock Exchange on May 7, 2026. NYSE For an $18 billion market-cap company, data-center owner Iren trades like one of the AI giants. The company had two of the top 20 biggest options trades in the market on Thursday and a total $173 million of premium traded hands, with 73% of that in calls. By comparison, less than a million dollars of options traded in total between data-center real-estate stocks Equinix and Digital Realty Trust , whose combined market cap is almost ten times Iren's. As of noon Chicago time, the trading in Iren also surpassed the dollar amount traded in VanEck Semiconductor ETF . The two biggest trades of the day were part of a $36 million long strangle trade that bets on a big move in either direction. The trader bought 12,500 65-strike calls and an equal amount of 60-strike puts both expiring Sept. 18 of this year, a trade that only pays off if the stock crashes below $45 or rallies above $79, which would be an all-time high. Stock Chart Icon Stock chart icon IREN, 1 year The stock's been a retail trading favorite the past year, adding 770% as the company squared its focus onto AI customers from crypto and bitcoin mining. Implied volatility going into earnings tonight points to a 14% swing, but traders do have a habit of overpaying for options around earnings. The average implied earnings move was 12% the past year, but the median actual move was 6%, according to data compiled by Cboe.